The payment, which will be done in two tranches, is in line with the company’s commitment to broaden financial inclusion in the country and the Guidelines for E-Money Issuers approved by the Bank of Ghana (BoG).
The first payments for the first quarter of 2016 will be made on September 11, 2016, while the second quarter payments is expected on 18th September 2016. The interest payment is based on the daily balance held in customers’ wallet.
This is not the first time Tigo’s operations in emerging markets is paying interest on mobile money to customers. In 2014, Tigo Tanzania became the first telecom company in the world to share profit generated from its Tigo Pesa’s trust account to customers.
“We are really excited to be announcing interest payments to our customers in Ghana. We have championed this before in other countries and have a lot of experience in interest distribution and payments. This is the next step in the evolution of mobile money,” said the CEO for Tigo, Ms. Roshi Motman.
She added that Tigo will continue to leverage on technology to provide a world class financial service to Ghanaians especially the unbanked. To this end Tigo Cash is investing in building a resilient platform and also enhancing its products.
Over the years, Tigo Cash has been at the forefront of innovative payment solutions for customers and business, namely cocoa farmers, rice farmers and SMEs.
With more than 14,000 agents nationwide, Tigo Cash records over three million transactions every month, and this continues to rise exponentially.